Dhanlaxmi Bank to mobilise 1,000 Crore by June-end

Tuesday, April 26, 2011
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THRISSUR: Kerala-based lender Dhanlaxmi Bank (DLB) has said it would be exploring all options to mobilise Rs 1,000 crore by the end of the first quarter of this fiscal. The bank has decided to issue about 5.5 crore equity shares of Rs 10 each and the process would be completed by the end of the first quarter of FY12 or June-end, bank's Executive Director P G Jayakumar told PTI. On the mode of mobilisation of funds, he said all options like Qualified Institutional Buyers, Foreign Institutional Investors and Foreign Corporate Bodies would be considered. The option of Global Depository Receipts, American Depository Receipts and the Foreign Currency Convertible bonds routes would also be considered seriously, he said. The mobilisation of funds would be subject to the approval of the Foreign Investment Promotion Board ad other appropriate authorities like the RBI, SEBI and the stock exchanges. Jayakumar said the bank has also decided to double its authorised capital to Rs 200 crore from the present Rs 100 crore. He said the bank had also decided to cancel about Rs.32.59 lakh equity shares out of the issued capital of the bank with a view to setting the records right, as they were the shares neither taken nor agreed to be taken by any one when the shares were issued in the 1990s. Answering another query, the executive director said the premium price for the issue of the shares was not yet fixed and the process for the fixation of price was progressing. The bank has issued 2.10 crore equity shares with a face value of Rs 10 each at a premium of Rs 171.30 per shares and expect to get a reasonable price for the proposed issue of shares, he said.
Source: PTI
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